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Maciej Wojtal Profile picture
@mwojtal
Sep 4, 2019 • 3 tweets • 2 min read • Read on X
Welcome to #Iran, home of the World's Best Performing Stock Market this year – Iran's main equity index rose by 73.5% in US dollar terms YTD, the most among 90 national indices tracked by @AmtelonCapital
#FrontierMarkets #EmergingMarkets Image
Unlike some obscure illiquid stock markets that from time to time show spectacular performance, Iran’s equity market boasts 600 listed companies diversified across 50 industries, $110 billion market cap and $140 million of daily liquidity
What explains these gains? Not QE or momentum algos. In Iran, it's the old-fashioned earnings growth that drives share prices. Listed companies’ median earnings increased by a whopping 130% yoy in 2Q19.

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More from @mwojtal

Maciej Wojtal Profile picture
Sep 29, 2020
The best opportunity to buy into the bull market in #Iranian equities since early 2019?
1. Stocks are oversold after a sharp pullback

Index down 47% peak to trough in USD (bazaar rate) over last 2 months. Numerous single stocks sold off by more than 65% in USD. Broad equity market is up 84% yoy, up 131% over the last 3 yrs and continues its long-term bullish trend
2. Big sentiment shift

In May/June retail investors were asking whether they should sell their homes and buy stocks. Now investors are sharing screenshots of their portfolios that are down 80% over the summer. Big sentiment shift signals that the selling pressure may be over
Read 8 tweets
Maciej Wojtal Profile picture
Oct 4, 2019
1/ "#Iran’s stock market outstrips global rivals" - timely update from @FinancialTimes although the article highlights only the drivers of that last year's rally, i.e. exporters of petrochemicals, steel, metals, which obviously benefitted from USD strength
ft.com/content/62c734…
@FinancialTimes 2/ This year consumer-oriented industries are top performers with confectioners, retail and distribution, and beverages leading the way with YTD returns of 400% or more. Diversified chemicals, metallic ores, and steel industries are actually among the worst performers in 2019 Image
@FinancialTimes 3/ While exporters benefit from USD appreciation, their volumes are going down due to sanctions. On the other hand, domestic companies are the biggest winners of sanctions because their foreign competitors are gone.
Read 7 tweets

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